How to buy Bitcoin in Australia

How to buy Bitcoin in Australia

With the list of cryptocurrencies that players can execute with on Cloudbet constantly growing, it’s good to know where you can actually purchase crypto in Australia. We explore the most popular ways to purchase crypto so you can begin making the most of Cloudbet's leading crypto casino and sportsbook.

Buy crypto direct on Cloudbet

The easiest and fastest way is to buy crypto directly on Cloudbet. Simply have your credit or debit card ready and you can purchase up to AUD$150 of crypto in a single transaction. Larger purchases of up to AUD$77,000 per month can be made via card or bank transfer if a proof of address and other documents are provided. Once your purchase is made, your cryptocurrency of choice will appear in your Cloudbet account. Cloudbet's latest addition to its currency stable is the headline-grabbing Dogecoin.

Buy crypto from an exchange

The most common way to purchase bitcoin and other crypto like Ethereum or even Dogecoin is via an exchange. Exchanges allow users to trade bitcoin and other cryptocurrencies for assets such as Australian dollars or other cryptocurrencies.

Before making your purchase, be sure to check for any extra fees and charges that may apply. Some exchanges charge up to 10% for transactions involving credit cards.

Once you have made a purchase on an exchange, you can transfer it directly to your Cloudbet account. 

Here are some of the popular crypto exchanges in Australia.

CoinJar

Although based in the UK, this exchange has 15 cryptocurrencies on offer and accepts Australian deposits via PayID, BPAY and Blueshyft.

CoinSpot

Catering for both beginners and traders alike, CoinSpot offers access to 260 digital currencies. They have dedicated over-the-counter Trading Desk and SMSF teams to cater for high value traders and institutional investors.

Cointree

Founded in Melbourne in 2013, Cointree provides instant access to 130+ cryptocurrencies and allows users to purchase crypto for their SMSFs. Instant deposits can be made with PayID.

Digital Surge

This exchange promises to provide users with an easy-to-understand crypto experience with low fees. Users can make deposits with PayID and POLi and can use their crypto to pay bills.

Independent Reserve

This Sydney based exchange has over 150,000 customers from Australia and New Zealand. They accept instant deposits via Osko and PayID.

Swyftyx

With headquarters in Queensland, this exchange provides access to more than 260 digital assets. They accept deposits up to $50,000 via bank transfer, OSKO, POLi or PayID.

Buy Crypto from an ATM

Sydney and Melbourne both have 12 crypto ATMs, while there are a few others scattered across the country. Some ATMs only allow users to buy and sell bitcoin, though others offer up to 10 different cryptocurrencies. Coin ATM Radar can help you find your nearest bitcoin ATM easily.

Before making a purchase, you need to have a bitcoin wallet on your smartphone.

Once you select the option to buy bitcoin or another crypto, you scan the address of your wallet with the ATM’s QR code reader, select the amount you want to buy, and insert cash into the ATM.

Check your wallet for your purchased amount once the transaction has processed. And it's that simple. It is worth pointing out though that crypto ATMs often sell at higher prices than exchanges - so that's worth bearing in mind before you use an ATM.

And really that's essentially all you need to get started and dive into the world of bitcoin, the blockchain, cryptocurrencies, DeFi and so much more - which you can read all about in the Cloudbet Blog. Be sure to take a look at our articles in Crypto 101 and In The Cloud.